File #:    Version: 1 Name: An Ordinance Authorizing a First Amendment to the Redevelopment Agreement for the Hotel and Conference Center, Comprising a Part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois (Staff is requesting a waiver of first reading)
Type: Ordinance Status: Passed
File created: 8/26/2020 In control: Village Board of Trustees
On agenda: Final action: 9/3/2020
Title: An Ordinance Authorizing a First Amendment to the Redevelopment Agreement for the Hotel and Conference Center, Comprising a Part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois (Staff is requesting a waiver of first reading) The Ordinance approves a First Amendment to the TIF Redevelopment Agreement, between the Village and the Lombard Public Facilities Corporation (LPFC), which provides for an up-front reimbursement of the LPFC, relative to the TIF eligible redevelopment project costs incurred by the LPFC, in the amount of $2,700,264.88, plus the ability of the LPFC to obtain further reimbursement for TIF eligible redevelopment project costs incurred by the LPFC in the event the TIF District generates more than $8,000,000.00 in TIF incremental revenues prior to September 30, 2025, in lieu of the issuance of a TIF Note, in the amount of $3,700,000.00, plus interest at 5.5%, and the issuance of a Debt Certificate in relation thereto, relative to the TIF eli...
Attachments: 1. LPFC 09032020, 2. LPFC 09032020, 3. Ordinance 7855 First Amendment to RDA for Hotel and Conference Center-Butterfield Yorktown TIF Dist.pdf, 4. First Amendment TIF RDA LFPC.pdf, 5. Cover Page 200271.pdf

Title

An Ordinance Authorizing a First Amendment to the Redevelopment Agreement for the Hotel and Conference Center, Comprising a Part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois (Staff is requesting a waiver of first reading)

The Ordinance approves a First Amendment to the TIF Redevelopment Agreement, between the Village and the Lombard Public Facilities Corporation (LPFC), which provides for an up-front reimbursement of the LPFC, relative to the TIF eligible redevelopment project costs incurred by the LPFC, in the amount of $2,700,264.88, plus the ability of the LPFC to obtain further reimbursement for TIF eligible redevelopment project costs incurred by the LPFC in the event the TIF District generates more than $8,000,000.00 in TIF incremental revenues prior to September 30, 2025, in lieu of the issuance of a TIF Note, in the amount of $3,700,000.00, plus interest at 5.5%, and the issuance of a Debt Certificate in relation thereto, relative to the TIF eligible redevelopment project costs incurred by the LPFC.

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